Intelligence Brief
The US Securities and Exchange Commission is scheduled to consider whether to publish proposed rules addressing crypto-asset offerings for public comment on 14 August. The meeting is verified, but the SEC has not released the final proposal or confirmed its eligibility thresholds.
TD Cowen analysts expect the discussion to include several possible fundraising routes. Reported concepts include a startup pathway capped at $5 million, a broader exemption allowing up to $75 million annually and a temporary safe harbour for some investment-contract offerings.
THE BLOCK: The SEC will hold an open meeting on Friday to consider proposing new rules for a “tailored offering regime for certain investment contracts involving crypto assets.”
The meeting will be open to the public and livestreamed. pic.twitter.com/atuac5bYCm
— The Block (@TheBlockCo) August 11, 2026
These figures should be treated as anticipated policy concepts rather than adopted SEC terms. Publication for comment would begin a rulemaking process. It would not immediately exempt issuers or confirm that a token falls outside securities law.
The central unresolved issue is how an issuer could transition from selling an investment contract to operating a sufficiently decentralised network. Disclosure requirements, resale restrictions and the consequences of failing to meet later conditions have not been publicly finalised.
Strategic Assessment
A tailored exemption could reduce the cost of compliant token fundraising, particularly for early-stage projects unable to complete a full registered offering. Legal advisers, compliant issuance platforms and projects with transparent ownership structures would be positioned to benefit.
The risk sits with issuers that raise money under temporary relief but fail to satisfy later decentralisation or disclosure tests. Investors could also face restricted liquidity if resale rules are tighter than the market expects.
The proposal’s importance therefore depends on its exit conditions, not only its fundraising limits. A nominal safe harbour with uncertain decentralisation tests could postpone enforcement exposure rather than remove it.
